Forsythe Appraisals LLC, an independent provider of residential real estate appraisals in the United States, announced the opening of new locations in Greensboro/Winston Salem, N.C., Norfolk/Virginia Beach, Va., Richmond, Va., Philadelphia, Pa., and Washington, D.C. Collectively, these branches add a population base of more than 15 million people to Forsythe Appraisals’ branch footprint.
“These are exciting times for our company,” said John Forsythe, Forsythe Appraisals’ president and chief executive officer. “Over the past two months we have opened these branches that now offer us access to previously untapped, but extraordinarily high-potential markets.”
Having opened Greensboro/Winston-Salem locations, Forsythe Appraisals now has coverage in all of North Carolina’s largest metropolitan areas, the combined population of which represents approximately 60 percent of North Carolina’s 10 million residents.
“Greensboro/Winston-Salem is a dynamic housing market that achieved a 31-percent growth rate in home sales in the first half of the year versus the same time period in 2012. And the average selling price in the area also increased by 5 percent in April and May of 2013 versus the same months a year earlier,” Forsythe said.
In Virginia, Forsythe Appraisals’ new Norfolk/Virginia Beach office serves an area that is home to the largest concentration of military bases and facilities of any metropolitan area in the world. The area was also attractive due to a strong and improving housing market.
“Inventory levels are at their lowest point since 2005, pending and completed sales both posted healthy increases for a second year in a row and the median sales price is slowly but steadily moving up, all of which points to a market that is rapidly on the mend,” Forsythe said.
Richmond, Va., was appealing to Forsythe Appraisals because of the city’s excellent employment base. Richmond is home to six Fortune 500 headquarters and many other major companies with a significant presence including SunTrust, Capital One and DuPont.
“The Richmond housing market is also rebounding steadily, with the total number of sales during the first quarter up 7 percent from the same period a year ago, according to the Richmond Association of Realtors,” Forsythe explained.
The Washington, D.C. branch offers Forsythe Appraisals the opportunity to tap into a market with home ownership rates well in excess of the national average and a workforce that is dominated by the U.S. government and large multi-national corporations doing business with the U.S. government.
Philadelphia is the nation’s sixth largest metropolitan area and offers a market poised for rebound.
“We have looked at some of the data on Philadelphia, and depending on what sources you believe, the metro area is either on the verge of being the next hot market, or it is mysteriously lagging behind in the increasingly rapid national housing recovery,” Forsythe said. “We believe it is the former and we think now is the time to enter the Philadelphia market and begin to establish ourselves.”
Forsythe Appraisals’ officials continue to evaluate other metro areas in the United States for possible expansion in 2013 and beyond.